{"id":11546,"date":"2024-03-07T18:30:25","date_gmt":"2024-03-07T13:00:25","guid":{"rendered":"https:\/\/bigbreakingwire.in\/rbis-recent-amendments-to-credit-and-debit-card-regulations-enhancing-security-transparency-and-consumer-protection\/"},"modified":"2024-03-07T18:30:25","modified_gmt":"2024-03-07T13:00:25","slug":"rbis-recent-amendments-to-credit-and-debit-card-regulations-enhancing-security-transparency-and-consumer-protection","status":"publish","type":"post","link":"https:\/\/bigbreakingwire.in\/rbis-recent-amendments-to-credit-and-debit-card-regulations-enhancing-security-transparency-and-consumer-protection\/","title":{"rendered":"RBI&#8217;s Recent Amendments to Credit and Debit Card Regulations: Enhancing Security, Transparency, and Consumer Protection"},"content":{"rendered":"<div style=\"margin-top: 0px; margin-bottom: 0px;\" class=\"sharethis-inline-share-buttons\" ><\/div>\n<p>Reserve Bank of India (RBI) has recently implemented noteworthy amendments to the Master Direction governing credit and debit cards. In light of these changes:<br><br>Business card issuers are now mandated to establish and maintain an effective mechanism to scrutinize the end use of funds, ensuring responsible utilization.<br><br>Card issuers are required to transparently communicate to cardholders the potential repercussions associated with making only the minimum amount due payment, fostering greater financial awareness among consumers.<br><br>Banks and Non-Banking Financial Companies (NBFCs) no longer need prior approval to become co-branding partners of card issuers, streamlining the collaboration process and promoting innovation in card offerings.<br><br>Stricter guidelines dictate that card issuers must refrain from sharing cardholder data with outsourcing partners unless it is indispensable for discharging specific functions, thus safeguarding sensitive information.<br><br>In instances where data sharing with outsourcing partners is deemed necessary, explicit consent from the cardholder is now a prerequisite, reinforcing privacy measures and ensuring consumer consent.<br><br>Emphasizing data security, the RBI stipulates that the storage and ownership of card data must unequivocally remain under the purview of the card issuer, ensuring robust safeguards against data breaches.<br><br>Card issuers are required to implement effective monitoring mechanisms to detect and prevent fraudulent activities, enhancing overall security and trust in the card payment ecosystem.<br><br>The RBI emphasizes the importance of timely and accurate reporting of card transaction data to enable better oversight and regulation of the card industry.<br><br>Card issuers are encouraged to adopt innovative technologies and practices to improve the efficiency and security of card transactions, fostering a more competitive and dynamic market.<br><br>The amendments aim to enhance consumer protection, promote fair practices, and strengthen the resilience of the card payment system against emerging threats and challenges in the financial landscape.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reserve Bank of India (RBI) has recently implemented noteworthy amendments to the Master Direction governing credit and debit cards. In light of these changes: Business&#8230;<\/p>\n","protected":false},"author":1,"featured_media":11545,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[65,616,619,39],"tags":[2217,2218,2213,2171,2214,2216,2215,207],"class_list":["post-11546","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bigbreakingnow","category-stock-in-news","category-stocks-in-news","category-world","tag-business-cards","tag-co-branding","tag-credit-cards","tag-data-security","tag-debit-cards","tag-financial-regulations","tag-master-direction","tag-rbi","entry","rows"],"jetpack_publicize_connections":[],"modified_by":null,"jetpack_featured_media_url":"https:\/\/bigbreakingwire.in\/wp-content\/uploads\/2024\/03\/rbi-logo_651408bfcc5fd.jpg","jetpack_shortlink":"https:\/\/wp.me\/pfgCxS-30e","jetpack_sharing_enabled":true,"jetpack_likes_enabled":false,"_links":{"self":[{"href":"https:\/\/bigbreakingwire.in\/wp-json\/wp\/v2\/posts\/11546","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bigbreakingwire.in\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bigbreakingwire.in\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bigbreakingwire.in\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bigbreakingwire.in\/wp-json\/wp\/v2\/comments?post=11546"}],"version-history":[{"count":0,"href":"https:\/\/bigbreakingwire.in\/wp-json\/wp\/v2\/posts\/11546\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bigbreakingwire.in\/wp-json\/wp\/v2\/media\/11545"}],"wp:attachment":[{"href":"https:\/\/bigbreakingwire.in\/wp-json\/wp\/v2\/media?parent=11546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bigbreakingwire.in\/wp-json\/wp\/v2\/categories?post=11546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bigbreakingwire.in\/wp-json\/wp\/v2\/tags?post=11546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}